$PDD (-4%)
Holdings Q3 Earnings Highlights:

🔹 Non-GAAP Diluted EPS: ¥18.59 (Est. ¥19.58) 🔴

🔹 Revenue: ¥99.35B (Est. ¥102.83B) 🔴; UP +44% YoY

🔹 Non-GAAP Oper. Margin: 26.9% (Est. 27.4%) 🔴

Revenue Breakdown:

🔸 Transaction Services: ¥50.0B (Est. ¥49.06B) 😕; UP +72% YoY

🔸 Online Marketing Services & Others: ¥49.35B; UP +24% YoY

Expenses:

🔹 Cost of Revenue: ¥39.71B; UP +48% YoY

🔹 Sales & Marketing Expenses: ¥30.48B; UP +40% YoY

🔹 R&D Expenses: ¥3.06B; UP +8% YoY

🔹 G&A Expenses: ¥1.81B; UP +138% YoY

Operational Highlights:

🔸 Increased platform investments through merchant support policies and trust & safety updates.

🔸 Focused on fostering a sustainable ecosystem and improving high-quality merchant offerings.

CEO Commentary:

🔸 "We continue to invest consistently in our platform ecosystem while facing intensified competition and external challenges. These efforts aim to build a sustainable and healthy ecosystem, driving long-term impactful results."